Global Caprolactam Market Forecast:
The caprolactam market was estimated at USD 12.51 billion in 2021 and is likely to grow at a CAGR of 5% during 2022-2028 to reach USD 17.73 billion in 2028.
What is caprolactam?
Caprolactam is an organic compound, which is used as an intermediate in nylon manufacture. It is a colorless solid and comes from the lactam of caproic acid. It is mildly toxic in nature and is used with fibers for various items.
Caprolactam is used in different applications such as automotive, film coating, electrical electronics, consumer goods, appliances, wire cable, textile, carpet, machinery, and many other industrial items.
Market Dynamics
The growth of the caprolactam market is primarily driven by the following-
- Outstanding energy-absorbing characteristics,
- An upsurge in the claim for durable polyamide 6,
- Demand for recyclable caprolactam,
- The forthcoming safety guidelines pioneering techniques.
Some linchpins in the market are:
- BASF SE
- China Petrochemical Development Corporation (Cpdc)
- China Petroleum Chemical Corporation (Sinopec Limited)
- Honeywell International Inc.
- Kuibyshevazot Ojsc
- Lanxess Ag
- Royal Dsm N.V.
- Sumitomo Chemical Company Limited
- Shandong Haili Chemical Industry Co. Ltd.
- UBE Industries
Caprolactam Market Segmentation:
The report segments based on demographics, geographics, benefits, and volume, etc, have different driving factors and identify the most-attractive segments and sub-segments. Caprolactam Market segmentation will not only help marketers to be more efficient in terms of time, money, and other resources but also allows companies to learn about their target audience so that they can tailor campaigns and increase market share and revenue.
Based on the application type, the market is segmented as textile, industrial, carpet, automotive, film coating, machinery, electrical electronics, consumer goods, appliances, wire cable, and others. The automotive application segment accounted for almost 29.6% share of the overall industry demand in 2021. In contrast, the consumer goods and appliance segments were the fastest-growing segments, owing to their high penetration in all regions. The segment's growth is attributed to stringent government directives, rising emphasis on salubrious air and water, and the necessity to better the standard of processing and engineering end-products.
In terms of regions, presently, Asia-Pacific is the largest consumer of caprolactam and is estimated to lead the market during the forecast period. China and Japan are the growth engines of the region and accounted for the largest share of the regional volumetric consumption in 2021. The market volume is relatively low in the RoW region and is expected to register a low growth of 2.9% during the forecast period. North America and Europe are also likely to offer substantial growth opportunities in the coming five years.
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Ritesh Gandecha
Stratview Research
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Stratview Research is a global market intelligence firm helping its clients track the ever-evolving market scenarios through customized and syndicated reports. The reports offered here are gathered with the help of our wide-ranging and reliable secondary sources and in-depth interviews with the linchpins within the market. Extrapolated through primary and secondary research, Stratview Research’s reports help you remain ahead of the curve by enabling you to understand the current market trends and challenges coming on your way. Our strong team of industry veterans and researchers assure high quality research and strategic insights that help companies worldwide in effective decision making.
